USDJPY held above 112.00 but....

Can't take out the high today...

Earlier in the NY day, I spoke of the bounce off the 100 day MA at 111.789 and the intraday support against the natural level at 112.00. Since that time there has been two other tests at that 112.00 level. Each of those tests, held. The price bounced higher.

On the topside, the USDJPY closed at 112.33 yesterday. To move higher, we needed to get above and stay above. The price moved above in the NY session, but only by a few pips (to 112.355).

So for the day in the pair:

• 100 day MA held at 111.789. the low reached 111.81
• The NY session saw most of the activity above the natural support level and other swing lows in the 112.00-07 (see yellow area and red circles).
• The high could not sustain momentum above the close from yesterday at 112.33.

What can you make of it?

Non trending with a little more bullish above the 112.00 level.